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5 Ways to Save Money When Building a New Home

July 07, 2017

There are more ways to spend money than to save it. That is not surprising to anyone. However, when building a new home, the spending can get out of hand quickly. Because not many of us will have the opportunity to build more than one new home, we lack the experience on where to save money. Here are a few tips that will help you do just that:

It All Starts with a Location:

The web is your friend when it comes to finding the right house lot. Many websites will allow you to setup “alerts” that will let you know when property becomes available. You can also just search through local realtor sites and even craigslist. But don’t forget about the old shoe leather. Many people have stumbled across a for sale sign on land that is perfect for them. Sometimes people do not want to pay commissions and will simply put up a sign.

Know Needs from Wants:

The slate is clean and you can have whatever you want, right? Well that is not totally true. Every home built has to stay within a budget. Doing so means communicating with your partner and deciding what is important.

You may want custom Italian marble countertops, but do you really need them? Would an alternative work better? Maybe it would be better to put the resources towards more sustainable heating and cooling systems than things like exotic flooring and countertops.

It is best to compromise in areas that you can agree upon. Setting realistic goals and expectations can go a long way towards saving money.

Get more info on this process by reading my book The Smaller Home.

Do Your Research:

This means researching not only what features you want in your new home but also the builder. You should go to as many models and open houses in your area as possible. This will give you an idea of who is building what in your area.

Some builders will specialize in specific types of homes. It is good to know that you have a builder that has extensive experience in building the type of home you want. Also get references on your potential builder to make sure past clients have had good experiences too.

Be Flexible:

It pays to be flexible in your choices. When shopping for things like paint and flooring, keep an open mind. Many times a supplier will have sales on closeout items. Your heart might have been set on pine flooring, but if you come across bamboo flooring for half the cost, it might be well worth making a switch.

Do not rely solely on a company's website for prices and sales. Visit the store frequently. Many times sale items are marked down and then sold long before they are included in any advertising.

Roll Your Sleeves Up:

You might think you don’t have the skills to build a home, but you do. There are many tasks that a homeowner can tackle. Talk with your builder and tell them you would like to do some of the work yourself. Many jobs around a building sight just require a strong back. Pitching in and doing what you can many times result in saving enough money to afford that fancy Italian marble counter top.

As with any project, the most important feature to saving money is communication. Make sure you talk with your partner about what you expect. Make sure you talk with your builder so they know what you expect. And talking with suppliers and retailers can also result in finding ways to save you money. It is all about connections and communication.

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